Calvert Fund NPORTP Calvert High Yield Bond Fund (Dec 2019 report)

Calvert

High Yield Bond Fund

December 31, 2019

Schedule of Investments (Unaudited)

Asset-Backed Securities — 0.7%


Security	Principal Amount (000’s omitted)		Value
Thunderbolt Aircraft Lease, Ltd., Series2017-A, Class B, 5.75% to 4/15/24, 5/17/32⁽¹⁾⁽²⁾	$	1,402	$	1,450,318


Total Asset-Backed Securities (identified cost $1,392,518)			$	1,450,318


Common Stocks — 0.3%

Security	Shares		Value
Broadcasting — 0.0%⁽³⁾
iHeartMedia, Inc., Class A⁽⁴⁾⁽⁵⁾		1,000	$	18,793


Diversified Media — 0.1%
Clear Channel Outdoor Holdings, Inc.⁽⁵⁾		73,000	$	208,030


Metals/Mining — 0.2%
Constellium SE⁽⁵⁾		40,000	$	536,000


Total Common Stocks (identified cost $722,835)			$	762,823


Corporate Bonds — 86.7%

Security	Principal Amount (000’s omitted)*		Value
Aerospace — 1.8%
Bombardier, Inc.:
6.00%, 10/15/22⁽¹⁾		901	$	902,982
6.125%, 1/15/23⁽¹⁾		239		245,593
7.875%, 4/15/27⁽¹⁾		378		389,822
F-BrasileSpA/F-Brasile US, LLC, Series XR, 7.375%, 8/15/26⁽¹⁾		1,200		1,272,000
Moog, Inc., 4.25%, 12/15/27⁽¹⁾		172		175,457
Signature Aviation US Holdings, Inc., 4.00%, 3/1/28⁽¹⁾		1,000		988,150

			$	3,974,004

Air Transportation — 1.3%
American Airlines Group, Inc., 4.625%, 3/1/20⁽¹⁾		500	$	501,643
American Airlines Pass-Through Trust, 5.60%, 7/15/20⁽¹⁾		1,167		1,186,616
Latam Airlines Pass-Through Trust, 4.50%, 11/15/23		1,224		1,231,346

			$	2,919,605


Security	Principal Amount (000’s omitted)*		Value
Automotive & Auto Parts — 2.3%
Navistar International Corp., 6.625%, 11/1/25⁽¹⁾		1,933	$	1,973,274
Panther BF Aggregator 2, L.P./Panther Finance Co., Inc.:
4.375%, 5/15/26⁽⁶⁾	EUR	772		911,204
6.25%, 5/15/26⁽¹⁾		467		504,068
8.50%, 5/15/27⁽¹⁾		1,604		1,707,217

			$	5,095,763

Banks & Thrifts — 1.0%
Ally Financial, Inc., 4.25%, 4/15/21		1,000	$	1,024,320
CIT Group, Inc., 6.125%, 3/9/28		170		201,084
Citigroup, Inc., 6.25% to 8/15/26⁽⁷⁾⁽⁸⁾		1,000		1,137,155

			$	2,362,559

Broadcasting — 4.7%
Diamond Sports Group, LLC/Diamond Sports Finance Co.:
5.375%, 8/15/26⁽¹⁾		1,074	$	1,088,419
6.625%, 8/15/27⁽¹⁾⁽⁴⁾		1,075		1,047,426
iHeartCommunications, Inc.:
6.375%, 5/1/26		25		27,682
8.375%, 5/1/27		717		793,903
Netflix, Inc.:
4.375%, 11/15/26⁽⁴⁾		500		513,425
4.875%, 6/15/30⁽¹⁾		917		933,025
5.375%, 11/15/29⁽¹⁾		707		754,249
Nexstar Escrow, Inc., 5.625%, 7/15/27⁽¹⁾		395		416,982
Scripps Escrow, Inc., 5.875%, 7/15/27⁽¹⁾		1,794		1,882,534
Sinclair Television Group, Inc., 5.50%, 3/1/30⁽¹⁾		840		860,454
Sirius XM Radio, Inc.:
3.875%, 8/1/22⁽¹⁾		1,000		1,023,743
4.625%, 7/15/24⁽¹⁾		453		476,594
5.00%, 8/1/27⁽¹⁾		338		357,215
TEGNA, Inc., 5.00%, 9/15/29⁽¹⁾		321		327,019

			$	10,502,670

Building Materials — 2.4%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27⁽¹⁾		80	$	82,728
Builders FirstSource, Inc.:
5.625%, 9/1/24⁽¹⁾		878		914,951
6.75%, 6/1/27⁽¹⁾		119		130,792
Core & Main Holdings, L.P., 8.625%, (8.625% cash or 9.375% PIK), 9/15/24⁽¹⁾⁽⁹⁾		378		394,222
Hillman Group, Inc. (The), 6.375%, 7/15/22⁽¹⁾		1,195		1,114,710
Masonite International Corp., 5.375%, 2/1/28⁽¹⁾		161		170,354
Standard Industries, Inc.:
2.25%, 11/21/26⁽¹⁾	EUR	769		890,919
5.50%, 2/15/23⁽¹⁾		39		39,731
6.00%, 10/15/25⁽¹⁾		1,500		1,580,610

			$	5,319,017


Security	Principal Amount (000’s omitted)*		Value
Cable/Satellite TV — 7.9%
Cablevision Systems Corp., 5.875%, 9/15/22		2,000	$	2,158,560
CCO Holdings, LLC / CCO Holdings Capital Corp.:
4.00%, 3/1/23⁽¹⁾		1,000		1,016,240
4.75%, 3/1/30⁽¹⁾		2,313		2,363,608
5.375%, 6/1/29⁽¹⁾		1,000		1,069,350
CSC Holdings, LLC:
5.50%, 5/15/26⁽¹⁾		2,000		2,122,125
5.75%, 1/15/30⁽¹⁾		859		918,056
6.50%, 2/1/29⁽¹⁾		200		223,375
6.75%, 11/15/21		1,000		1,078,500
7.50%, 4/1/28⁽¹⁾		1,200		1,358,787
DISH DBS Corp.:
5.875%, 7/15/22		1,000		1,061,780
6.75%, 6/1/21		285		300,142
7.75%, 7/1/26		260		275,922
UPC Holding B.V., 5.50%, 1/15/28⁽¹⁾		766		777,950
Ziggo B.V.:
4.25%, 1/15/27⁽⁶⁾	EUR	157		190,295
4.875%, 1/15/30⁽¹⁾		250		258,658
5.50%, 1/15/27⁽¹⁾		1,000		1,064,350
Ziggo Bond Co., B.V., 6.00%, 1/15/27⁽¹⁾		1,420		1,501,398

			$	17,739,096

Capital Goods — 2.5%
Colfax Corp.:
6.00%, 2/15/24⁽¹⁾		129	$	137,331
6.375%, 2/15/26⁽¹⁾		1,000		1,091,250
Granite Holdings US Acquisition Co., 11.00%, 10/1/27⁽¹⁾		163		165,502
Resideo Funding, Inc., 6.125%, 11/1/26⁽¹⁾		160		161,604
Terrier Media Buyer, Inc., 8.875%, 12/15/27⁽¹⁾		1,820		1,929,200
Welbilt, Inc., 9.50%, 2/15/24		2,000		2,125,830

			$	5,610,717

Chemicals — 0.2%
Compass Minerals International, Inc., 6.75%, 12/1/27⁽¹⁾		340	$	361,879


Consumer Products — 2.1%
Energizer Holdings, Inc., 7.75%, 1/15/27⁽¹⁾		585	$	654,849
Mattel, Inc.:
5.875%, 12/15/27⁽¹⁾		132		139,339
6.75%, 12/31/25⁽¹⁾		1,061		1,142,575
Prestige Brands, Inc., 5.125%, 1/15/28⁽¹⁾		1,116		1,171,800
Spectrum Brands, Inc.:
5.00%, 10/1/29⁽¹⁾		629		651,234
5.75%, 7/15/25		1,000		1,046,260

			$	4,806,057


Security	Principal Amount (000’s omitted)*		Value
Containers — 3.6%
ARD Finance S.A.:
5.00%, (5.00% cash or 5.75% PIK), 6/30/27⁽⁶⁾⁽⁹⁾	EUR	1,080	$	1,224,822
6.50%, (6.50% cash or 7.25% PIK), 6/30/27⁽¹⁾⁽⁹⁾		1,200		1,242,960
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
5.25%, 8/15/27⁽¹⁾		490		516,641
6.00%, 2/15/25⁽¹⁾		500		525,625
Berry Global, Inc.:
4.50%, 2/15/26⁽¹⁾		110		113,195
5.125%, 7/15/23		500		514,370
5.625%, 7/15/27⁽¹⁾⁽⁴⁾		149		160,179
6.00%, 10/15/22		500		510,781
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		1,165		1,225,111
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		190		201,229
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23⁽¹⁾⁽⁴⁾		189		202,152
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynold Group Issuer Lu, 5.125%, 7/15/23⁽¹⁾		1,000		1,025,835
Trivium Packaging Finance B.V.:
5.50%, 8/15/26⁽¹⁾		224		236,460
8.50%, 8/15/27⁽¹⁾		284		316,475

			$	8,015,835

Diversified Financial Services — 1.1%
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23⁽¹⁾		500	$	540,397
DAE Funding, LLC:
4.50%, 8/1/22⁽¹⁾		235		239,111
5.00%, 8/1/24⁽¹⁾		390		410,448
Park Aerospace Holdings, Ltd.:
5.25%, 8/15/22⁽¹⁾		815		870,593
5.50%, 2/15/24⁽¹⁾		380		417,681

			$	2,478,230

Diversified Media — 1.6%
Clear Channel Worldwide Holdings, Inc.:
5.125%, 8/15/27⁽¹⁾		878	$	915,886
9.25%, 2/15/24⁽¹⁾		917		1,017,489
MDC Partners, Inc., 6.50%, 5/1/24⁽¹⁾		994		902,055
Nielsen Co. Luxembourg S.a.r.l. (The), 5.00%, 2/1/25⁽¹⁾⁽⁴⁾		500		516,245
Outfront Media Capital, LLC/Outfront Media Capital Corp., 4.625%, 3/15/30⁽¹⁾		135		137,612

			$	3,489,287

Energy — 3.4%
AmeriGas Partners, L.P./AmeriGas Finance Corp.:
5.50%, 5/20/25		500	$	541,245
5.625%, 5/20/24		76		82,269
5.875%, 8/20/26		100		110,435
Archrock Partners, L.P./Archrock Partners Finance Corp.:
6.25%, 4/1/28⁽¹⁾		169		174,493
6.875%, 4/1/27⁽¹⁾		500		529,911


Security	Principal Amount (000’s omitted)*		Value
Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽¹⁾		1,038	$	1,054,893
EnLink Midstream, LLC, 5.375%, 6/1/29		256		241,235
Precision Drilling Corp.:
6.50%, 12/15/21		370		370,243
7.125%, 1/15/26⁽¹⁾		1,000		952,848
Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp.:
5.50%, 9/15/24⁽¹⁾		1,711		1,723,815
5.50%, 1/15/28⁽¹⁾		227		222,987
Tervita Escrow Corp., 7.625%, 12/1/21⁽¹⁾		1,579		1,592,422

			$	7,596,796

Entertainment/Film — 1.0%
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26⁽⁴⁾		1,000	$	903,572
Cinemark USA, Inc., 4.875%, 6/1/23		1,000		1,018,740
Live Nation Entertainment, Inc., 4.75%, 10/15/27⁽¹⁾		329		341,124

			$	2,263,436

Environmental — 2.2%
Covanta Holding Corp., 5.875%, 7/1/25		1,165	$	1,232,471
GFL Environmental, Inc.:
5.375%, 3/1/23⁽¹⁾		430		443,975
5.625%, 5/1/22⁽¹⁾		1,095		1,117,242
7.00%, 6/1/26⁽¹⁾		391		414,166
8.50%, 5/1/27⁽¹⁾		796		877,072
Waste Pro USA, Inc., 5.50%, 2/15/26⁽¹⁾		722		754,362

			$	4,839,288

Food & Drug Retail — 1.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽¹⁾		1,295	$	1,378,333
Murphy Oil USA, Inc.:
4.75%, 9/15/29		1,230		1,301,242
5.625%, 5/1/27		325		349,488

			$	3,029,063

Food/Beverage/Tobacco — 3.3%
Central Garden & Pet Co., 5.125%, 2/1/28		1,075	$	1,115,686
Lamb Weston Holdings, Inc., 4.875%, 11/1/26⁽¹⁾		1,000		1,061,850
Performance Food Group, Inc., 5.50%, 10/15/27⁽¹⁾		527		564,562
Post Holdings, Inc.:
5.00%, 8/15/26⁽¹⁾		1,000		1,058,100
5.50%, 12/15/29⁽¹⁾		1,152		1,230,509
5.625%, 1/15/28⁽¹⁾		279		301,139
US Foods, Inc., 5.875%, 6/15/24⁽¹⁾		2,000		2,064,170

			$	7,396,016

Health Care — 10.6%
Catalent Pharma Solutions, Inc.:
4.875%, 1/15/26⁽¹⁾		1,065	$	1,105,308
5.00%, 7/15/27⁽¹⁾		187		196,228


Security	Principal Amount (000’s omitted)*		Value
Centene Corp.:
4.25%, 12/15/27⁽¹⁾		339	$	349,373
4.625%, 12/15/29⁽¹⁾		1,093		1,153,880
4.75%, 1/15/25		1,000		1,040,815
5.375%, 6/1/26⁽¹⁾		685		728,224
6.125%, 2/15/24		1,000		1,038,750
Charles River Laboratories International, Inc.:
4.25%, 5/1/28⁽¹⁾		160		163,296
5.50%, 4/1/26⁽¹⁾		555		597,914
Eagle Holding Co. II, LLC:
7.625%, (7.625% cash or 8.375% PIK), 5/15/22⁽¹⁾⁽⁹⁾		1,670		1,700,449
7.75%, (7.75% cash or 8.50% PIK), 5/15/22⁽¹⁾⁽⁹⁾		631		641,828
Encompass Health Corp.:
4.50%, 2/1/28		160		166,096
4.75%, 2/1/30		190		197,477
Grifols S.A.:
1.625%, 2/15/25⁽⁶⁾	EUR	500		572,838
2.25%, 11/15/27⁽⁶⁾	EUR	465		540,707
HCA, Inc.:
5.00%, 3/15/24		1,000		1,093,342
5.375%, 9/1/26		405		452,091
5.625%, 9/1/28		495		565,018
5.875%, 2/1/29		286		331,045
Hill-Rom Holdings, Inc., 4.375%, 9/15/27⁽¹⁾		1,098		1,132,694
Hologic, Inc., 4.375%, 10/15/25⁽¹⁾		2,095		2,167,456
IQVIA, Inc., 5.00%, 5/15/27⁽¹⁾		200		212,036
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23⁽¹⁾		33		34,144
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21⁽¹⁾		146		150,621
MPH Acquisition Holdings, LLC, 7.125%, 6/1/24⁽¹⁾		1,467		1,422,975
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26⁽¹⁾		1,357		1,536,836
Select Medical Corp., 6.25%, 8/15/26⁽¹⁾		421		456,514
Surgery Center Holdings, Inc.:
6.75%, 7/1/25⁽¹⁾		28		28,082
10.00%, 4/15/27⁽¹⁾		125		137,543
Team Health Holdings, Inc., 6.375%, 2/1/25⁽¹⁾⁽⁴⁾		490		328,503
Teleflex, Inc., 4.625%, 11/15/27		1,245		1,321,767
Vizient, Inc., 6.25%, 5/15/27⁽¹⁾		102		109,430
WellCare Health Plans, Inc.:
5.25%, 4/1/25		1,381		1,439,679
5.375%, 8/15/26⁽¹⁾		545		581,433

			$	23,694,392

Homebuilders/Real Estate — 3.7%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽¹⁾		440	$	465,025
Consus Real Estate AG, 9.625%, 5/15/24⁽⁶⁾	EUR	837		1,018,666


Security	Principal Amount (000’s omitted)*		Value
ESH Hospitality, Inc.:
4.625%, 10/1/27⁽¹⁾		397	$	402,697
5.25%, 5/1/25⁽¹⁾		1,500		1,553,753
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾		1,072		1,114,869
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		98		100,246
Taylor Morrison Communities, Inc.:
5.75%, 1/15/28⁽¹⁾		306		334,411
5.875%, 6/15/27⁽¹⁾		224		246,920
TRI Pointe Group, Inc., 4.875%, 7/1/21		2,000		2,055,800
Vivion Investments S.a.r.l.:
3.00%, 8/8/24⁽⁶⁾	EUR	500		573,833
3.50%, 11/1/25⁽⁶⁾	EUR	300		347,892

			$	8,214,112

Hotels — 0.4%
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24		1,000	$	1,021,665


Insurance — 2.0%
Alliant Holdings Intermediate, LLC / Alliant HoldingsCo-Issuer, 6.75%, 10/15/27⁽¹⁾		709	$	760,615
AmWINS Group, Inc., 7.75%, 7/1/26⁽¹⁾		175		193,896
GTCR AP Finance, Inc., 8.00%, 5/15/27⁽¹⁾		152		158,513
HUB International, Ltd., 7.00%, 5/1/26⁽¹⁾		1,671		1,771,302
USI, Inc., 6.875%, 5/1/25⁽¹⁾		1,500		1,537,035

			$	4,421,361

Leisure — 1.4%
Cedar Fair, L.P., 5.25%, 7/15/29⁽¹⁾		91	$	98,221
Merlin Entertainments PLC, 5.75%, 6/15/26⁽¹⁾		1,020		1,119,804
Viking Cruises, Ltd., 5.875%, 9/15/27⁽¹⁾		1,850		1,980,610

			$	3,198,635

Metals/Mining — 0.7%
Constellium SE, 5.875%, 2/15/26⁽¹⁾		1,415	$	1,499,935


Paper — 0.5%
Enviva Partners, L.P./ Enviva Partners Finance Corp., 6.50%, 1/15/26⁽¹⁾		1,017	$	1,091,373


Railroad — 1.1%
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23⁽¹⁾		2,500	$	2,544,788


Restaurants — 1.5%
1011778 B.C. ULC/New Red Finance, Inc.:
3.875%, 1/15/28⁽¹⁾		295	$	296,283
4.25%, 5/15/24⁽¹⁾		545		559,761
4.375%, 1/15/28⁽¹⁾		332		333,444
5.00%, 10/15/25⁽¹⁾		801		828,703
Yum! Brands, Inc., 4.75%, 1/15/30⁽¹⁾		1,243		1,304,342

			$	3,322,533


Security	Principal Amount (000’s omitted)*		Value
Services — 4.9%
Allied Universal Holdco, LLC, 6.625%, 7/15/26⁽¹⁾		165	$	177,635
Booz Allen Hamilton, Inc., 5.125%, 5/1/25⁽¹⁾		1,570		1,617,752
Cloud Crane, LLC, 10.125%, 8/1/24⁽¹⁾		929		977,387
Gartner, Inc., 5.125%, 4/1/25⁽¹⁾		155		161,717
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽¹⁾		980		1,033,248
GWB-CR Security Corp., 9.50%, 11/1/27⁽¹⁾		529		565,686
IAA, Inc., 5.50%, 6/15/27⁽¹⁾		149		158,588
KAR Auction Services, Inc., 5.125%, 6/1/25⁽¹⁾		803		836,794
Korn Ferry, 4.625%, 12/15/27⁽¹⁾		121		121,908
Laureate Education, Inc., 8.25%, 5/1/25⁽¹⁾		1,006		1,085,212
Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23⁽¹⁾		443		465,427
ServiceMaster Co., LLC (The), 7.45%, 8/15/27		1,000		1,132,847
TMS International Holding Corp., 7.25%, 8/15/25⁽¹⁾		210		190,488
United Rentals North America, Inc., 3.875%, 11/15/27		2,000		2,045,600
Univar Solutions USA, Inc., 5.125%, 12/1/27⁽¹⁾		118		123,384
West Corp., 8.50%, 10/15/25⁽¹⁾⁽⁴⁾		303		243,158

			$	10,936,831


Steel — 0.1%
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽¹⁾		314	$	324,580


Super Retail — 1.7%
Group 1 Automotive, Inc., 5.25%, 12/15/23⁽¹⁾		1,250	$	1,288,019
Lithia Motors, Inc., 4.625%, 12/15/27⁽¹⁾		173		178,252
Sonic Automotive, Inc., 6.125%, 3/15/27		2,000		2,090,695
William Carter Co. (The), 5.625%, 3/15/27⁽¹⁾		229		246,707

			$	3,803,673

Technology — 5.3%
Alliance Data Systems Corp., 4.75%, 12/15/24⁽¹⁾		366	$	366,000
CDK Global, Inc., 5.25%, 5/15/29⁽¹⁾		147		157,841
CommScope Technologies, LLC:
5.00%, 3/15/27⁽¹⁾		180		169,655
6.00%, 6/15/25⁽¹⁾		407		408,477
CommScope, Inc., 8.25%, 3/1/27⁽¹⁾⁽⁴⁾		505		532,447
Dell International, LLC/EMC Corp.: 5.875%, 6/15/21⁽¹⁾		662		673,175
7.125%, 6/15/24⁽¹⁾		755		797,469
EIG Investors Corp., 10.875%, 2/1/24		2,000		2,000,830
Entegris, Inc., 4.625%, 2/10/26⁽¹⁾		299		310,018
Fair Isaac Corp., 4.00%, 6/15/28⁽¹⁾		1,000		1,010,000
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽¹⁾		350		369,022
Infor (US), Inc., 6.50%, 5/15/22		1,500		1,525,170
j2 Cloud Services, LLC/j2 GlobalCo-Obligor, Inc., 6.00%, 7/15/25⁽¹⁾		400		424,834
MTS Systems Corp., 5.75%, 8/15/27⁽¹⁾		118		123,646
NXP BV/NXP Funding, LLC:
3.875%, 9/1/22⁽¹⁾		500		518,836
4.125%, 6/1/21⁽¹⁾		750		769,057


Security	Principal Amount (000’s omitted)*		Value
Riverbed Technology, Inc., 8.875%, 3/1/23⁽¹⁾		708	$	410,640
Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26⁽¹⁾		1,000		1,079,350
Sensata Technologies, Inc., 4.375%, 2/15/30⁽¹⁾		199		203,367
SS&C Technologies, Inc., 5.50%, 9/30/27⁽¹⁾		148		158,268

			$	12,008,102

Telecommunications — 6.7%
CenturyLink, Inc., Series W, 6.75%, 12/1/23		123	$	137,555
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽¹⁾		788		840,205
Equinix, Inc., 5.375%, 5/15/27		1,000		1,087,880
Hughes Satellite Systems Corp.:
5.25%, 8/1/26		535		588,686
6.625%, 8/1/26		590		656,580
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24⁽¹⁾		324		295,784
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27⁽¹⁾		1,252		1,329,436
Level 3 Financing, Inc.:
5.375%, 8/15/22		1,681		1,687,640
5.375%, 1/15/24		355		361,804
Qualitytech, L.P./QTS Finance Corp., 4.75%, 11/15/25⁽¹⁾		185		192,246
Sable International Finance, Ltd., 5.75%, 9/7/27⁽¹⁾		226		240,204
SBA Communications Corp., 4.00%, 10/1/22		240		245,098
Sprint Corp.:
7.125%, 6/15/24		1,000		1,080,835
7.625%, 3/1/26		1,000		1,104,650
7.875%, 9/15/23		2,093		2,313,634
T-Mobile USA, Inc.:
4.50%, 2/1/26		245		251,578
4.75%, 2/1/28		275		288,657
6.50%, 1/15/26		1,000		1,074,060
Telecom Italia SpA, 5.303%, 5/30/24⁽¹⁾		522		562,450
ViaSat, Inc., 5.625%, 4/15/27⁽¹⁾		225		241,166
Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25		500		516,457

			$	15,096,605

Utilities — 2.4%
Calpine Corp., 5.125%, 3/15/28⁽¹⁾		1,656	$	1,694,419
Clearway Energy Operating, LLC, 4.75%, 3/15/28⁽¹⁾		1,000		1,015,000
Drax Finco PLC, 6.625%, 11/1/25⁽¹⁾		223		237,402
NextEra Energy Operating Partners, L.P.:
4.25%, 9/15/24⁽¹⁾		155		161,523
4.50%, 9/15/27⁽¹⁾		227		237,175
Pattern Energy Group, Inc., 5.875%, 2/1/24⁽¹⁾		1,200		1,237,998
TerraForm Power Operating, LLC:
4.25%, 1/31/23⁽¹⁾		650		670,774
5.00%, 1/31/28⁽¹⁾		230		243,607

			$	5,497,898


Total Corporate Bonds (identified cost $188,735,872)			$	194,475,801


Floating Rate Loans⁽¹⁰⁾ — 4.7%

Security	Principal Amount (000’s omitted)		Value
Automotive & Auto Parts — 0.5%
Navistar International Corporation, Term Loan, 5.24%, (1 mo. USD LIBOR + 3.50%), 11/6/24	$	1,026	$	1,024,589


Broadcasting — 0.0%⁽³⁾
iHeartCommunications, Inc., Term Loan, 5.691%, (1 mo. USD LIBOR + 4.00%), 5/1/26		108	$	109,091


Building Materials — 0.1%
Hillman Group, Inc. (The), Term Loan, 5.799%, (1 mo. USD LIBOR + 4.00%), 5/31/25		179	$	176,035


Cable/Satellite TV — 0.1%
CSC Holdings, LLC, Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), 4/15/27		243	$	245,013


Capital Goods — 0.3%
Cortes NP Acquisition Corporation, Term Loan, 5.927%, (3 mo. USD LIBOR + 4.00%), 11/30/23		635	$	635,000


Health Care — 0.4%
Envision Healthcare Corporation, Term Loan, 5.549%, (1 mo. USD LIBOR + 3.75%), 10/10/25		435	$	372,348
National Mentor Holdings, Inc.:
Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), 3/9/26		30		30,184
Term Loan, 5.80%, (1 mo. USD LIBOR + 4.00%), 3/9/26		487		492,145

			$	894,677

Insurance — 1.4%
Asurion, LLC, Term Loan - Second Lien, 8.299%, (1 mo. USD LIBOR + 6.50%), 8/4/25		2,575	$	2,612,981
Sedgwick Claims Management Services, Inc., Term Loan, 5.049%, (1 mo. USD LIBOR + 3.25%), 12/31/25		441		441,541

			$	3,054,522

Metals/Mining — 0.4%
GrafTech Finance, Inc., Term Loan, 5.299%, (1 mo. USD LIBOR + 3.50%), 2/12/25		962	$	960,680


Services — 0.4%
KAR Auction Services, Inc., Term Loan, 4.063%, (1 mo. USD LIBOR + 2.25%), 9/19/26		998	$	1,006,428


Technology — 0.5%
Infor (US), Inc., Term Loan, 4.695%, (3 mo. USD LIBOR + 2.75%), 2/1/22		385	$	386,847
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.049%, (1 mo. USD LIBOR + 2.25%), 4/16/25		81		81,278
SS&C Technologies, Inc.:
Term Loan, 4.049%, (1 mo. USD LIBOR + 2.25%), 4/16/25		119		119,480
Term Loan, 4.049%, (1 mo. USD LIBOR + 2.25%), 4/16/25		446		450,360

			$	1,037,965



Security	Principal Amount (000’s omitted)		Value
Telecommunications — 0.6%
CenturyLink, Inc., Term Loan, 4.549%, (1 mo. USD LIBOR + 2.75%), 1/31/25		137	$	138,095
Intelsat Jackson Holdings S.A., Term Loan, 6.625%, 1/2/24⁽¹¹⁾		1,170		1,187,185

			$	1,325,280


Total Floating Rate Loans (identified cost $10,352,699)			$	10,469,280


Warrants — 0.1%

Security	Shares		Value
Broadcasting — 0.1%
iHeartMedia, Inc., Exp. 5/1/39⁽⁵⁾		6,000	$	95,417


Total Warrants (identified cost $93,576)			$	95,417


Short-Term Investments — 4.6%

Commercial Paper — 3.1%
Security	Principal Amount (000’s omitted)		Value
AutoZone, Inc., 2.03%, 1/13/20⁽¹⁾⁽¹²⁾	$	2,000	$	1,998,630
DXC Capital Funding, Ltd., 2.445%, 2/27/20^(1)(12)		1,000		996,583
Enel Finance America, 2.083%, 1/23/20^(1)(12)		1,000		998,732
Jabil, Inc., 2.235%, 1/3/20^(1)(12)		1,000		999,778
Marriott International, Inc.:
2.031%, 1/15/20^(1)(12)		1,000		999,198
2.064%, 2/4/20^(1)(12)		1,000		998,002


Total Commercial Paper (identified cost $6,990,797)			$	6,990,923


Securities Lending Collateral — 1.5%

Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%⁽¹³⁾		3,451,903	$	3,451,903


Total Securities Lending Collateral (identified cost $3,451,903)			$	3,451,903


Total Short-Term Investments (identified cost $10,442,700)			$	10,442,826



Security	Value
Total Investments (identified cost $211,740,200) — 97.1%	$	217,696,465


Other Assets, less liabilities — 2.9%	$	6,561,483


Net Assets — 100.0%	$	224,257,948

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

*	In U.S. dollars unless otherwise indicated.

(1)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $143,828,712, which represents 64.1% of the net assets of the Fund as of December 31, 2019.

(2)	Step coupon security. The interest rate represents the rate in effect at December 31, 2019.

(3)	Amount is less than 0.05%.

(4)

All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $3,575,633 and the total market value of the collateral received by the Fund was $3,714,309, comprised of cash of $3,451,903 and U.S. government and/or agencies securities of $262,406.

(5)	Non-income producing security.

(6)

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2019, the aggregate value of these securities is $5,380,257 or 2.4% of the Fund’s net assets.

(7)	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

(8)	Security converts to variable rate after the indicated fixed-rate coupon period.

(9)	Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

(10)

Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodicallyre-determined at a spread above the London Interbank Offered Rate (“LIBOR”) or other short-term rates. The rate shown is the rate in effect at December 31, 2019. Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.

(11)	Fixed-rate loan.

(12)

Security is exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors”. At December 31, 2019, the aggregate value of these securities is $6,990,923, representing 3.1% of the Fund’s net assets.

(13)	Represents investment of cash collateral received in connection with securities lending.

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	12,913	USD	14,372	State Street Bank and Trust Company		01/31/20	$	138	$	—
USD	44,315	EUR	39,817	State Street Bank and Trust Company		01/31/20		—		(426	)
USD	330,737	EUR	296,037	State Street Bank and Trust Company		01/31/20		—		(1,905	)
USD	611,852	EUR	546,911	State Street Bank and Trust Company		01/31/20		—		(2,685	)
USD	371,032	EUR	332,722	State Street Bank and Trust Company		01/31/20		—		(2,832	)
USD	740,341	EUR	662,000	State Street Bank and Trust Company		01/31/20		—		(3,516	)
USD	908,475	EUR	812,313	State Street Bank and Trust Company		01/31/20		—		(4,282	)
USD	854,113	EUR	769,000	State Street Bank and Trust Company		01/31/20		—		(9,975	)
USD	1,198,320	EUR	1,080,000	State Street Bank and Trust Company		01/31/20		—		(15,222	)
USD	1,086,134	EUR	980,849	State Street Bank and Trust Company		01/31/20		—		(15,997	)

							$	138	$	(56,840	)

Abbreviations:



LIBOR	-	London Interbank Offered Rate

PIK	-	Payment In Kind

Currency Abbreviations:



EUR	-	Euro

USD	-	United States Dollar

At December 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. During the fiscal year to date ended December 31, 2019, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar.

At December 31, 2019, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is foreign exchange risk was $138 and 56,840, respectively.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical securities

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:


Asset Description	Level 1			Level 2			Level 3		Total
Asset-Backed Securities	$	—		$	1,450,318		$	—	$	1,450,318
Common Stocks		762,823	⁽¹⁾		—			—		762,823
Corporate Bonds		—			194,475,801			—		194,475,801
Floating Rate Loans		—			10,469,280			—		10,469,280
Warrants		95,417			—			—		95,417
Short-Term Investments -
Commercial Paper		—			6,990,923			—		6,990,923
Securities Lending Collateral		3,451,903			—			—		3,451,903
Total Investments	$	4,310,143		$	213,386,322		$	—	$	217,696,465
Forward Foreign Currency Exchange Contracts	$	—		$	138		$	—	$	138
Total	$	4,310,143		$	213,386,460		$	—	$	217,696,603

Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(56,840	)	$	—	$	(56,840	)
Total	$	—		$	(56,840	)	$	—	$	(56,840	)

⁽¹⁾	The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

Calvert Fund NPORT-PCalvert High Yield Bond Fund (Dec 2019 report)